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Ephraim bond refinance will save $110k

 

By Lloyd Call

Associate publisher

11-28-2019

EPHRAIM—The Ephraim Council passed a resolution to proceed with a bond refinance on the city building that will save the city $110,000 over the 14 year life of the bond, even accounting for the $40,000 refinance fee.

“Interest rates have dropped enough that now is a good time to save money, and we won’t have to extend the life of the bond at all,” manager Shaun Kjar told the council at their regular Wednesday meeting on Nov. 20.

Steve Widmer, finance director, said the city building, built in 2004, was financed with three bonds, and one of the bonds can be refinanced because of high interest. “We will refinance $760,000 on the bond and the $40,000 closing costs sometime in January,” Widmer said.

Widmer also mentioned that the city qualifies for liability insurance premium relief, and will get a $3,500 credit on the city’s next year’s policy.

The council also heard a presentation by Andy Adamson, who is on a committee to build bike trails in Sanpete, initially near the Gunnison Reservoir. He asked the city to help donate whatever they could to help with the environmental costs to help secure a grant.

Adamson said the group had talked with other city councils, and will ask support for the volunteer 501(c)(3) nonprofit project from businesses as well. The city agreed to a donation, but did not specify the amount until the council checks the budget.

Police chief Aaron Broomhead ask for and got permission to donate remaining bicycle parts that the city has collected over the years to Bikes 4Kidz, a charitable organization that uses the parts to rebuild and repair bicycles for youth.

The city has hired a new city recreation director, Michael Patton. Reece Reynolds, who has been serving in that position, will continue to help direct the youth sports programs. The new director will oversee recreation programs outside of youth sports.

Kjar said the city continues to study the ongoing deer control proposal, and said they are watching Manti to see how their program works. “We’ll probably do a city survey and/or have another public hearing to move forward,” he said.

Bryan Kimball, community development director and city engineer, said the city had several major building applications underway, including a 40-unit apartment and 13-lot subdivision.

Devan Fowles, city planner, said a business license had been requested by a company that wants to set up a motorized scooter service in Ephraim. “We don’t have anything on ordinances for that kind of business,” Fowles said.

Council members were intrigued, but also concerned about liability and safety concerns of scooters. “We can’t have people on these upright motorized scooters on city streets or someone will get killed,” said councilman Tyler Alder, who told of seeing a girl have a bad accident in Salt Lake City on a scooter. “We have to make sure we do this right if we allow such a business,” he said.

The council will investigate other cities that have ordinances regulating scooters.